1. General Warranty Deed
A. Most common form of deed in
Ohio. If there is just one buyer, title will, upon death, pass to such
owner's heirs unless otherwise provided for by the owner's will. If there
is more than one buyer, then a Tenancy-in-Common among owners is created,
which means that each buyer owns an "undivided" interest in the property.
Upon the death of one of the owners, title to their "undivided"
part interest will pass to that owner's heirs unless otherwise provided
for by the owner's will.
B. Seller warrants title to be free
and clear except as stated in deed. Seller takes on responsibility for
soundness of entire chain of title.
C. Although seller's warranties are
desirable, title insurance has reduced their importance. Buyer and lenders
generally rely on title insurance to protect their investment. Therefore,
title insurance is also a benefit to the seller as it may reduce actual
exposure if old title defects arise.
2. Limited Warranty Deed
A. Special circumstances - seller
only warrants title as to period that he held title - not responsible for
matters previous to seller's acquisition.
B. Often used on commercial
transactions where seller and buyer agree to rely on title insurance for protection
but require seller to account, if necessary, for matters occurring during
C. Also may be used where seller is
not in a position to make warranties as to entire history of title.
Perhaps title taken by foreclosure, in settlement of a debt, etc.
D. Otherwise, same as General
3. Warranty Deed creating Tenants in Common with the
right of Survivorship
(may also be known as
"Joint and Survivorship Deed")
A. Used when two or more persons are
B. Upon death of one of the owners,
interest is not considered an asset of the estate but title to the
interest transfers "by contract" to survivor(s). Such interest,
however, must be considered in the decedent's estate for Ohio Estate Tax
purposes (and for federal tax purposes) as if it was an asset of the
4. Quit Claim Deed
A. Simplest form of deed as it
only conveys whatever interest seller owns or may own; no warranties are
expressed or implied.
B. Creates tenancy-in-common if more
than one buyer is involved; similar in this respect to General Warranty
C. Buyer has no recourse against
seller for defects in title. Title Insurance advisable whenever buyer
accepts Quit Claim Deed.
5. Special Purposes Deeds
A. Other types of deeds are
necessary under particular situations, but since their application is
limited, no description need be given here.
B. Such special purpose deeds include
Sheriff's Deed (foreclosure), Executor and Administrator's Deed and
Guardian's Deed (Probate Court), Trustee's Deed (Bankruptcy) and Auditor's
Deed (tax sale).
For further explanation or advice as to the use or
preparation of any of the foregoing, it is suggested that you consult an